The value of your home is by no means set in stone. While the property market fluctuates at a near constant rate, you yourself can make a number of changes that add value to your home.
Things like kitchen renovations and property extensions come to mind but you do not have to break the bank in order to add value.
Here are a few options that are worth considering if you are looking to increase the market value of your property ahead of selling it.
The difference between a house that looks drab and has paintwork peeling off and a house that looks fresh and clean on the outside is significant.
In some cases, a good paint job can increase the value of your home by 2%. But the attention should not just be on the exterior. Redecorating the rooms inside the property can help to add a premium that potential buyers will want to pay. Making a room feel like-new is one way to garner interest and there are few better ways of doing this than with a new coat of paint.
Much like the painting, there are two sides to gardening.
A well maintained and landscaped back garden can help to add as much as 20% to the market value of your property, but you should also pay close attention to the front.
Your “kerb appeal” is how attractive a property is based on its surroundings and immediate exterior and can have a huge impact on whether a potential buyer makes an offer or not. This can be things like refurbishing your front door, servicing your windows and gutters or even something small like hiding your bins from plain view.
The trick with all of these tips is to ensure that the return is greater than what you spend. Fitting entirely new windows can cost several thousand pounds but carrying out fairly basic work and maintenance can cost a few hundred, a return you will almost definitely make back when it comes to selling.
While painting and general garden work can be done over a long weekend, larger scale works such as loft extensions or kitchen renovations can take more time and cost more money but can regularly provide a greater return on your investment. Some studies have suggested that a loft conversion can add up to nearly 25% to your market value.
However, the large scale work is a high-risk, high-reward approach. While a loft conversion will almost certainly add value to your home, there is no definitive way to work out if the benefits will outweigh the costs. In this regard, it makes sense to discuss a decision like this with a property advisor.
In 2020, the average cost for a housing extension is currently around £1,500 per square meter so it is by no means simply “an option” like maintaining the windows or hiding the bins. These more significant projects are ideal for those with more disposable income as they are less of a short term solution while still virtually guaranteeing a larger sale later on.
With more and more of us working from home as a result of the Covid-19 pandemic, a dedicated office space is becoming a must-have for many potential buyers. To go the extra mile, having this office area separate from your main home can make it feel all the more useful.
Whether it is repurposing a garden shed or investing in a more modern and stylish outfit to suit your taste, creating your garden office could offer a premium that could easily tempt potential buyers.
There is, of course, a difference between a shed that has been done-up and a separate building that can house a home-office, so in this sense, planning is crucial. Think electrics, internet capabilities, heating etc.
In many ways, the garden office is a great middle ground between the smaller tasks such as general garden work and maintenance and the larger scale projects such as house extensions. As always, the more sophisticated the project, the more you should discuss it with a property expert as well as establish whether you would need to obtain planning permission.
The property market is always changing. It is decided by a number of factors and the value of your property is never set in stone. With that being said, though, you have the power to make changes that work in your favour. From the smaller tasks like regular garden work and landscaping to more major changes like a full kitchen renovation or a new bathroom, the money you put into your property is money you will almost certainly get back again when it comes time to selling.
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